Three experts discuss whether biotech and pharma professionals should try to convince employers to adjust employment offers, mistakes people make during the process and tips for getting it right.
Just because it’s an employer’s market doesn’t mean biopharma professionals must accept job offers as is, regardless of employment status, a career coach and recruiting expert told BioSpace.
“Even in this market, people do have leverage,” said Larry Miller, founder and principal of Larry Miller PhD Career Partners, a life sciences career coaching firm. “They just have to be willing to use it and use it professionally.”
Miller recommended that all candidates explore ways to enhance offer packages and shared that his clients who’ve elected to negotiate, whether employed or unemployed, were successful.
Erin Crider, head of talent for LifeSci Partners, a life sciences advisory organization, also supports biopharma professionals negotiating job offers regardless of employment status.
“I think that people get steered, especially when they aren’t employed, that they just have to take whatever offer they get, and that’s not the case, and I don’t want anyone to ever feel like that’s just expected of them,” said Crider, who is also chief operating officer of LifeSci Search, LifeSci Partners’ executive search firm.
However, Crider noted that based on what she’s seen, how long someone has been jobless will impact the success of their negotiations.
“If you’ve been unemployed for a year or more, it’s really hard to negotiate once an offer is extended to you because oftentimes the employer mindset is, ‘Well, they should just be grateful to have received an offer,’ whether that’s appropriate or not given the skill set and the offering that that individual brings to the market,” she said.
As to the power employed biopharma professionals have, Miller said they have an advantage because they have time on their side.
“They have the ability to wait till just the right offer comes along,” he said. “So, in that sense, they have a little more leverage, but I would argue everybody should try.”
Offers more easily negotiated for some roles than others
Biopharma professionals applying for certain roles and functions are more likely to succeed in negotiations, according to Crider and Miller. For starters, they agreed that those aiming at more senior levels within a company have an advantage. In addition, Crider noted that people seeking sales-driving positions as well as those eyeing commercialization, regulatory and med affairs roles tend to do well in negotiations. Regarding the latter positions, she explained that those are “hot” now, and it’s challenging for companies to find the right people for them.
Crider also noted that people applying for more niche lab roles have a lot of power because their skill sets are so specialized.
Other factors that can affect negotiations, according to Miller, include how badly a company needs to fill a particular role and how strategically important that position is to the business. He also said that for jobs that meld artificial intelligence (AI) with biomedical expertise, people with AI experience can likely expect to do a bit better in negotiations.
Biggest mistakes people make when negotiating
Biopharma professionals make several mistakes when asking prospective employers to adjust offers, according to Crider and Miller. Crider said one is having the same mindset as in 2020 or 2021, when companies had a lot of cash to spend and rushed to grab talent. She noted that compensation levels have come down across the board since then.
“Not to say that we’ve moved backwards, but it’s more that we’ve reset back to what was actually appropriate prior to the massive boom that we had during the COVID era,” Crider said.
To help make realistic salary requests, she recommended doing market research by looking at the pay on posted jobs and in salary guides and talking to people in the industry, such as recruiting professionals.
Know what’s happening before you ask for anything, because that knowledge is power.
“Know what’s happening before you ask for anything, because that knowledge is power,” Crider said. “Just like anything, the more you know, the more you’re going to be able to do with it.”
Another mistake Crider noted is using the wrong tone when negotiating. If biopharma professionals sound aggressive or demanding, she said, companies will worry about how those candidates will integrate into the business.
Candidates should take a collaborative tone, Crider advised. They could, for example, say something like “Hey, I am so grateful and so excited for this opportunity with the business. I’d love to work with your organization, but I did want to explore if there was opportunity to negotiate X, Y and Z on the offer.”
Another misstep biopharma professionals make, according to Miller, is starting negotiations early in the recruitment process, such as during an interview with HR. Biopharma professionals have little to no leverage at that stage, he explained.
“In fact, if you start negotiating and you’re asking for too much initially, you may be absolutely eliminated from consideration,” he said.
It’s best if biopharma professionals wait to negotiate until an offer is in hand, Miller advised.
“Why?” he said. “Because at that point the company has spent quite a number of hours with you, invested a lot of company time, personnel time, etc., and they’ve decided that you are what they want. ‘You are what we need to solve our problems.’ Now you’ve got some leverage because the company has already decided that you’re a good fit. Now there’s something to talk about.”
Cameron Barrus, senior director of RPO and project management at PharmaLogics Recruiting, a global recruiting firm, favors job candidates communicating compensation expectations early in the application and interview process. She told BioSpace in an emailed response doing so ensures alignment from the start and makes the best use of everyone’s time.
“When expectations are not discussed upfront, it can lead to disappointment or frustration later in the process, especially after both parties have invested significant time and energy,” Barrus said. “Having these conversations early also helps eliminate excessive back-and-forth negotiation at the end of the process, which can ultimately sour the experience and relationship for both the candidate and hiring manager.”
Biopharma professionals should address compensation during their first conversation with a recruiter, talent acquisition professional or HR representative, Barrus advised. She said they can share a target range or minimum compensation requirement while expressing flexibility depending on the overall opportunity, benefits and growth potential.
Barrus also recommended discussing benefits and broader compensation needs, noting that many individuals have specific healthcare, family or dependent-related needs that may significantly impact their decision-making process.
Confidence, problem solving key during negotiations
Whether a biopharma professional is employed or unemployed, one of the most critical tips for negotiating job offers in an employer’s market is exuding confidence, according to Miller. He recommended eliminating weak words, such as “I feel like” and “I think that,” from negotiations.
For unemployed biopharma professionals specifically, Miller said they need to maintain confidence in their abilities and the value they’ll bring to a new employer. To that end, he shared that he likes to think of a business as a jigsaw puzzle with a missing piece.
“The company has a problem they need to solve, and then the candidate then understands that missing piece and can merge themselves into the absolute shape of that missing piece,” Miller said. “‘I’m the one that’s going to deliver the impact you need.’ So, it’s based on value, not whether you’re employed or not employed. It’s what I’m going to bring to you.”
